"With his commercial experience, commitment to working closely with local communities and impressive track record of building winning teams on and off the pitch, I know that we have someone that can take us forward.

"Martin will strive to transform our financial performances, which we acknowledge must improve significantly, into a stable and successful model, to give us a club that we and our fans can be proud of.

"In doing so, he will receive the full support of everyone at Sunderland AFC.”

Celtic chief executive Peter Lawwell and Chesterfield chief executive Chris Turner had both been heavily linked with the role after the resignation of Byrne.